Suchergebnisse

The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of government behavior the expectation is that mainly high trust governments will be in a position to defer consolidation to years with higher growth. Overall, our analysis of a panel of European countries provides support for this expectation. The difference in fiscal policies depending on government trust levels may help explaining why better governed countries have been found to have less severe business cycles. It suggests that trust and credibility play an important role not only in monetary policy, but also in fiscal policy.

Intro -- Introduction -- Part I - Managers: Beyond Regulation -- Chapter 1 - The Inevitable Instability of American Corporate Governance -- Chapter 2 - Values and Corporate Responsibility: A Personal Perspective -- Chapter 3 - Management as a Profession -- Part II - Reimagining Gatekeeper Identities -- Chapter 4 - The Regulators and the Financial Scandals -- Chapter 5 - The Professionalization of Corporate Directors -- Comment - Should Directors Be Professionals? -- Comment - Professionalization Does Not Mean Power or Accountability -- Comment - The Limits of Corporate Law in Promoting Good Corporate Governance -- Chapter 6 - The Auditor as Gatekeeper: A Perilous Expectations Gap -- Comment - The Audit and the Auditor's Central Role -- Chapter 7 - Professional Independence and the Corporate Lawyer -- Comment - The Dubious History and Psychology of Clubs as Self-Regulatory Organizations -- Chapter 8 - The Financial Scandals and the Demise of the Traditional Investment Banker -- Comment - Toward A Higher Standard of Conduct in Investment Banking -- Chapter 9 - Journalists and the Corporate Scandals: What Happened to the Watchdog? -- Part III - Report of the American Academy's Corporate Responsibility Steering Committee -- Corporate Responsibility Steering Committee -- Report of the American Academy's Corporate Responsibility Steering Committee -- About the Co-Chairs -- About the Authors.